All Financial Services articles – Page 19
-
PremiumCompliance officers share lack of faith in off-channel comms monitoring policies
Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.
-
PremiumBinance’s compliance past, future detailed
There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.
-
News BriefBank of America fined $12M over demographic data reporting lapses
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
-
News BriefFCA adopts rule package aimed at thwarting greenwashing
The Financial Conduct Authority will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
-
News BriefFirst American fined $1M by NYDFS over 2019 cybersecurity breach
First American Title Insurance Company agreed to pay a $1 million fine and implement stronger compliance measures for not securing customers’ personal data, the New York State Department of Financial Services announced.
-
News BriefTD Bank unit fined $600K by FINRA over email review lapses
TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.
-
News Brief
SEC continues Dodd-Frank run, passes conflicts in securities trading rule
The Securities and Exchange Commission moved quickly to adopt an unfulfilled mandate of the Dodd-Frank Act to prevent the sale of certain securities if there is a conflict of interest.
-
News BriefSingapore banks say money laundering risks up after $2B scandal
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
-
News BriefBinance pleads guilty, fined $4.3B over widespread U.S. law violations
Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.
-
News BriefSkiHawk Capital Partners beats SEC fraud lawsuit
SkiHawk Capital Partners won the dismissal of fraud claims against it, another investment adviser, and their owners and managers by the Securities and Exchange Commission.
-
News Brief
SEC dings Laidlaw and Company over Reg BI lapses
Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission addressing multiple alleged violations of Regulation Best Interest.
-
News BriefBritish reinsurers Tysers, H.W. Wood settle with DOJ over Ecuador bribes
Two U.K.-based reinsurance brokers, Tysers Insurance Brokers and H.W. Wood, reached separate settlements with the U.S. Department of Justice addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.
-
PremiumUsing AI? The SEC wants to know about it
The Securities and Exchange Commission has not yet implemented rules governing use of artificial intelligence but still expects regulated entities to adhere to commonly accepted practices, including disclosure, said an agency enforcement official.
-
News BriefToyota finance arm to pay $60M in CFPB settlement
Toyota Motor Credit Corp. agreed to pay $60 million as part of a settlement with the Consumer Financial Protection Bureau addressing allegations of illegal lending and credit reporting misconduct.
-
OpinionNo time like present to tackle thorny problem of off-channel comms
The new messaging on use off-channel communications for business should be clear: What was done before is no more. It cannot continue. The stakes are too high.
-
News BriefMorgan Stanley settles with states for $6.5M over mishandled data
Morgan Stanley agreed to pay $6.5 million as part of a settlement with six states requiring the firm to strengthen its data security after actions it took compromised the personal data of millions of customers.
-
News BriefFrench high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
-
News BriefCFPB fines Enova $15M, orders exec compensation tied to compliance
The Consumer Financial Protection Bureau levied a $15 million fine against nonbank online lender Enova International for “widespread illegal conduct” that violated a previous agency order.
-
News Brief
SEC adopts Dodd-Frank rule on clearing agency conflicts of interest
The Securities and Exchange Commission continued its recent run of pushing through remaining regulations under the Dodd-Frank Act of 2010 by adopting new rules to mitigate conflicts of interest for security-based swap clearing agencies.
-
PremiumHow technology can help track off-channel communications use
Establishing a set of policies and procedures to prevent employee use of nonauthorized electronic communications to conduct business is relatively straightforward. The hard part is monitoring compliance.